Help! My Mortgage Company Filed Bankruptcy (Or, What to do if GMAC is your lender)
Sometime during the third or fourth week in May, 1.2 million homeowners went to their mailbox and pulled out a notice that their mortgage company, GMAC Mortgage (“GMAC”), filed for Chapter 11 bankruptcy protection. Actually Residential Capital, GMAC’s parent company, filed along with 50 of its subsidiaries, including GMAC. About 30 seconds after the average…